Crypto Markets Approach $300 Billion with Large Caps Set to Rise
Bitcoin’s sudden breakout on Sunday is already rubbing off on altcoins and tokens. Nineteen of the top 20 alternative assets flashed green on Monday, with the total crypto universe approaching $290 billion for the first time nearly a year.
Crypto Rally Gathers Steam
Bitcoin’s gravitational pull on the broader market was on display Monday, as altcoins and tokens extended their weekend rally toward new yearly highs. The combined value of all coins in circulation hit $288.1 billion, according to CoinMarketCap. Altcoins and tokens accounted for $123.3 billion of that total. That’s the highest dollar figure since August.
Ethereum (ETH), the second-largest cryptocurrency by market cap, continued to hold above $270, where it was trading near its highest level of the year. Read more: Ethereum’s Catch-Up Game Could Spark the Next Major Crypto Rally.
XRP advanced 3.4% to $0.4316, where it faces price-congestion resistance. The so-called banker’s cryptocurrency peaked at $0.4747 on May 30 but has struggled to return to those highs in recent weeks.
Litecoin (LTC) saw its trading range narrow at the start of week and was last valued at $136. LTC remains one of the top-performing cryptocurrencies of 2019, having gained more than 330%. The anticipated halving event in less than 50 days should keep LTC markets elevated for the foreseeable future.
Bitcoin SV (BSV) was the top-performing large cap on Monday, gaining 7.6% to $227.74. Other notable gainers included Monero (XMR), which rose 3.1% to $98.70, and Tezos (XTZ), which advanced 4.8% to $1.32.
Large Caps Set to Rise
The latest bout of crypto euphoria comes on the heels of Binance’s decision to restrict U.S. residents from its platform, a move that many believe has pushed more traders into the relative safety of large-caps like bitcoin and Litecoin. The steady rise in bitcoin’s dominance rate over the past week suggests that the rotation has already started.
Bitcoin’s dominance rate is back above 57% on Monday, its highest in over a month.
Binance is not only the world’s largest cryptocurrency exchange by volume, it offers one of the biggest selections of altcoins pairs available anywhere. In barring U.S. residents, Binance may have actually pushed down the relative demand of many small-cap coins that had flourished during the previous altcoin season. Such downward pressure will likely be temporary given that Binance is set to launch a regulated U.S. exchange very soon.
Last week, Binance announced it has partnered with BAM Trading Services to launch Binance.US, a fully regulated platform.
BAM Trading Services said it will provide more updates on the upcoming venture in the near future. In a June 13 blog post, BAM said it looks “forward to serving the U.S. market in full compliance.”
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.